Quanterix (NASDAQ:QTRX) reported fourth-quarter 2025 revenue of $43.9 million, up 25% from the prior year and up 7% sequentially, as the company cited a stronger-than-expected quarter driven in part by “pent-up demand” from academic customers. On the company’s earnings call, newly appointed President and CEO Everett Cunningham said he is confident in Quanterix’s base business and its plan to reach break-even profitability in 2026, while also positioning the company for longer-term growth in diagnostics—starting with Alzheimer’s disease.
New CEO outlines priorities and diversification strategy
Cunningham, who joined the company roughly five weeks prior to the call, highlighted his healthcare background spanning commercial and operational roles across pharma, tools, and diagnostics, including senior positions at Illumina and Exact Sciences. He said Quanterix is at an “inflection point,” pointing to differentiated technologies in neurology, oncology, and immunology, as well as a solid balance sheet with more than $100 million in cash and no debt.
Quarterly performance: product lines, customer mix, and diagnostics partnerships
Chief Financial Officer Vandana Sriram said organic revenue declined 22% in the quarter, while revenue from diagnostics partners was $3.1 million. She attributed the quarter’s outperformance in part to stronger academic demand.
- Simoa revenue: $27.0 million, described as a 22% organic revenue decline.
- Spatial revenue: $17.0 million, down 23% year-over-year. Spatial included $2.5 million from a diagnostics development agreement that has since been terminated; excluding that agreement, Spatial revenue was down 16% year-over-year.
- Instrument revenue: $6.1 million, including $3.2 million of Simoa and $2.9 million of Spatial instruments. The company placed 21 Simoa and 17 Spatial instruments in the quarter.
- Consumables revenue: $23.0 million, up $3.8 million sequentially, with $15.4 million from Simoa and $7.6 million from Spatial.
- Accelerator lab revenue: $8.3 million, including $5.3 million Simoa and $3.0 million Spatial.
Academia represented about 55% of the business in Q4, according to Sriram. On a pro forma basis assuming Quanterix and Akoya were combined for the full year, the company said academic revenue in the fourth quarter declined approximately 24%. Pharma revenue declined 21% year-over-year, which management attributed primarily to fewer large Accelerator projects versus the prior year.
In diagnostics, Quanterix said it now has 25 partnerships that generated $9.6 million of revenue in 2025, up from $6.0 million in the prior year. Sriram also highlighted a recently announced partnership with Life Line Screening, which she described as a national health screening group focused on identifying asymptomatic risks for chronic conditions in community health settings.
LucentAD milestones: CMS rate, FDA submission, and clinical utility plans
Management spent a significant portion of the call discussing LucentAD Complete, Quanterix’s multi-analyte algorithmic blood test for Alzheimer’s disease. Sriram said the test received a Centers for Medicare & Medicaid Services reimbursement rate approval of $897 in Q4, which she said provides a nationally recognized reference price. The company is now focused on generating clinical utility data to support payer discussions.
Cunningham said Quanterix is conducting several clinical utility studies for LucentAD and is working with three organizations, including two academic groups. He said the company expects to release results in the second half of 2026, which management believes will help guide payer engagement and reimbursement strategy.
Regarding regulatory progress, management said it submitted a 510(k) pre-market notification to the U.S. Food and Drug Administration in January 2026. Cunningham told analysts Quanterix expects the review to take “anywhere between 6 to 9 months,” with the company anticipating approval by the fourth quarter of 2026.
Assay launches and product development: cadence and Simoa One early access
Quanterix said it launched 13 new assays in 2025, including two new Simoa tau assays—p-Tau 205 and p-Tau 212—which management said have seen strong initial interest. Sriram added that the company expects tau biomarkers to remain an area of high interest and plans additional product launches tied to that field.
On the Spatial side, Quanterix launched two new PhenoCode Discovery panels in Q4 2025: a metabolism spike-in panel and a mouse neurology panel. Management said the mouse neurology panel expands neurology offerings into mouse models and complements a previously launched human neurology panel.
Looking ahead, management said it expects a regular cadence of assay launches each quarter in 2026, with “a couple” already in the pipeline for the first quarter.
On Simoa One, Cunningham said an early access program rolled out at the end of the prior quarter, and the company is currently executing customer test plans and gathering feedback that will help guide decision-making. He added that he is conducting a broader review of product development and launch initiatives and said prioritization decisions will be based on return on investment and accelerating growth.
Margins, integration progress, and 2026 outlook
For Q4, Quanterix reported gross profit of $20.0 million, representing a gross margin of 45.7%. Non-GAAP gross profit was $21.9 million and non-GAAP gross margin was 50%.
Operating expenses were $44.8 million, including approximately $6.4 million tied to acquisition, integration, restructuring, and purchase accounting, plus $1.4 million of shipping and handling costs. Non-GAAP operating expenses were $30.0 million, down about $1.5 million sequentially, which Sriram attributed to synergies. She said Quanterix has implemented $74 million of its $85 million cost synergy target and expects to meet the target by the end of the first quarter.
Adjusted EBITDA was a loss of $7.9 million, improving sequentially from a $11.9 million loss in the third quarter. The company ended the quarter with $122 million of cash equivalents, marketable securities, and restricted cash. Sriram noted that the company made a $10 million milestone payment related to the Emission acquisition and spent $3.5 million on severance and other non-recurring expenses. Adjusted cash usage was $3.0 million in Q4 versus $16.1 million in Q3, which management said reflected synergies and improved working capital.
For 2026, Quanterix guided to revenue of approximately $169 million to $174 million, assuming “no underlying improvement in the academic or pharmaceutical end markets.” Management said the terminated diagnostics development agreement contributed $5.6 million of revenue in 2025 and is expected to have minimal impact on the core business in 2026. Excluding that agreement, the company expects pro forma revenue growth of about 2% at the midpoint of guidance.
The company expects GAAP gross margin of 45% to 49% and non-GAAP gross margin of 49% to 53%. Sriram said Quanterix anticipates achieving cash flow break-even in the second half of 2026 and expects to end the year with roughly $100 million in cash and no debt. She added that the company expects seasonal revenue pacing similar to prior years.
In the Q&A, management also addressed investment levels for diagnostics commercialization. Sriram said the company’s cash plan for 2026 includes investments for reimbursement work and “order to cash” infrastructure, while still supporting the goal of cash flow break-even in the second half of the year. Cunningham also said he sees potential in oncology diagnostics, but suggested any meaningful impact would likely begin in 2027 as he evaluates the opportunity.
On Quanterix’s Accelerator Laboratory business, management said it was pleased with the quarter’s performance and described the Accelerator business as profitable. Cunningham said he wants to pursue larger projects with pharma, noting the company’s average project size is about $50,000, and said management intends to continue investing in that segment and build broader partnerships.
About Quanterix (NASDAQ:QTRX)
Quanterix Corporation is a life sciences and diagnostics company specializing in ultra-sensitive digital immunoassay platforms. Its proprietary Single Molecule Array (Simoa) technology enables researchers to detect and quantify proteins, peptides and nucleic acids at femtomolar concentrations, offering sensitivity that surpasses traditional immunoassay methods. By translating single-molecule detection into routine laboratory workflows, Quanterix aims to accelerate biomarker discovery and the development of novel diagnostics and therapeutics.
The company’s core product portfolio includes the Simoa HD-1 and HD-X Analyzers, which automate high-throughput digital immunoassays for quantifying low-abundance biomarkers.
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